- Sujata Sachdeva |
Future Lifestyle Fashions, a part of Kishore Biyani’s Future Group, has acquired majority 60 percent stake in footwear firm Elisir Lifestyle for an undisclosed amount. “The company has acquired 60 percent stake in Elisir Lifestyle, a company engaged in business of manufacture, supply and distribution of footwear and accessories in India,” the company said in BSE filing.
On the other hand, recently, Future Lifestyle Fashions divested a minority 31.5 percent stake in Celio Future Fashion for an undisclosed amount. Future Lifestyle will hold a 3.5 percent stake in Celio Future Fashion. This is in line with the company’s strategy to exit from its non-core businesses. In November, Future Lifestyle Fashions had divested its minority stakes in ethnic wear firm Biba Apparels and designer Anita Dongre-owned AND for Rs 450 crores.
Earlier it was reported that Kishore Biyani, Chairman, Future Group was waiting to get right valuation for group’s stake in two men’s wear joint ventures, Turtle and Celio. Though French brand Celio got Foreign Investment Promotion Board (FIPB) clearance to increase stake to 100 percent and the company is willing to acquire its stake held by Future Lifestyle Fashions, the latter has shown no urgency in offloading its 35 percent stake in the former.